Vertex Pharmaceuticals reported Q2 2024 product revenues of $2.65 billion, up 6% year-over-year, driven by TRIKAFTA/KAFTRIO sales growth of 9% to $2.45 billion. U.S. revenues increased 7% to $1.61 billion while ex-U.S. revenues grew 5% to $1.03 billion. However, the company recorded a net loss of $3.59 billion due to a $4.4 billion acquired in-process R&D charge related to the Alpine Immune Sciences acquisition.Research and development expenses rose 23% to $966.6 million, reflecting increased investments in pipeline programs and clinical trials. Cost of sales increased to 14% of revenue compared to 12% last year, primarily due to CASGEVY-related expenses following its Q4 2023 approval. The company maintained strong liquidity with $10.2 billion in cash and investments as of June 30, despite the Alpine acquisition impact.Management highlighted continued progress across key programs, including regulatory submissions for the vanzacaftor triple combination in CF and suzetrigine in acute pain, both granted FDA Priority Review. The company is preparing for potential near-term launches while advancing multiple clinical programs in areas like type 1 diabetes, IgA nephropathy, and myotonic dystrophy type 1.

Vertex Pharmaceuticals reported Q2 2024 product revenues of $2.65 billion, up 6% year-over-year, driven by TRIKAFTA/KAFTRIO sales growth of 9% to $2.45 billion. U.S. revenues increased 7% to $1.61 billion while ex-U.S. revenues grew 5% to $1.03 billion. However, the company recorded a net loss of $3.59 billion due to a $4.4 billion acquired in-process R&D charge related to the Alpine Immune Sciences acquisition.Research and development expenses rose 23% to $966.6 million, reflecting increased investments in pipeline programs and clinical trials. Cost of sales increased to 14% of revenue compared to 12% last year, primarily due to CASGEVY-related expenses following its Q4 2023 approval. The company maintained strong liquidity with $10.2 billion in cash and investments as of June 30, despite the Alpine acquisition impact.Management highlighted continued progress across key programs, including regulatory submissions for the vanzacaftor triple combination in CF and suzetrigine in acute pain, both granted FDA Priority Review. The company is preparing for potential near-term launches while advancing multiple clinical programs in areas like type 1 diabetes, IgA nephropathy, and myotonic dystrophy type 1.